On The Interpretation of Instrumental Variables in the Presence of Specification Errors: A Causal Comment
Burkhard Raunig
Econometrics · 2017
doi:10.3390/econometrics5030031 (opens in a new tab)
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Abstract
Swamy et al. (2015) argue that valid instruments cannot exist when a structural model is misspecified. This note shows that this is not true in general. In simple examples valid instruments can exist and can help to estimate parameters of interest.
Abstract licence: CC BY
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